Group 1 - China's economy demonstrated significant resilience in April, with multiple core indicators showing positive changes despite a complex international environment and ongoing tariff wars [4][24]. - The recovery of domestic demand and the trend of consumption structure upgrading are evident, with notable increases in service consumption and high-end products such as travel and luxury goods [7][11]. Group 2 - Industrial growth showed remarkable resilience, particularly in high-tech industries, with industrial value-added and manufacturing growth exceeding 6%, and a significant increase in the production of new energy vehicles [11][14]. - Foreign trade resilience is highlighted by the growth of high-tech manufacturing profits, which supported the quality and efficiency of the industrial economy, despite tariff pressures [14][16]. Group 3 - The overall price and financial environment remained stable, with the Consumer Price Index (CPI) showing a shift from decline to increase, and financial support for the real economy being continuously strengthened [18][21]. - The economic data from April indicates that China is cultivating new momentum amid challenges, with consumption recovery, optimized export structure, and precise policy support being core drivers [24][25].

第 632 期 2025-05-19 焦点事件 证监会亮剑！何某儒操纵股票，被罚没2.94亿元 李云泽指出，支持金融政策先行先试，完善首都金融服务体系。深化金融领域"两区"建设，助力构建首都金 融对外开放新高地。推动央地协同走深走实，共筑更加稳固的首都金融防线。 吴清指出，中国证监会将把推动资本市场高质量发展与更好服务首都发展紧密结合起来，把立足服务首都所 需和发挥资本市场所能紧密结合起来，深化投融资综合改革，加快推进北交所服务创新型中小企业主阵地建 设，强化多层次市场功能发挥，打造资本市场改革开放新高地，合力推进重点领域风险化解，更好实现资本 市场与首都经济发展的良性互动。 宏观要闻 5月LPR将公布 5月17日消息，证监会日前披露的行政处罚信息显示，自然人何某儒因操纵证券市场，被证监会"没一罚一"， 合计罚没2.94亿元。 这不是个例，记者注意到，今年以来，证监会已经开出了3张操纵市场的亿元级罚单。今年2月，杨某操纵"安 奈儿"等多只股票，盈利1.4亿元，被罚没2.8亿元。同月，谢某操纵"渝三峡A"等多只股票，盈利8145.26万 元，被罚没1.77亿元。 首都金融工作座谈会上潘功胜、李云泽、吴清有哪些最 ...

根据市场公开信息及5月16日披露的机构调研信息，知名私募景林资产近期对2家上市公司进行了调研，相关名单如下： 1）复旦微电 （景林资产参与公司特定对象调研） 调研纪要：复旦微电子在FPGA产品方面投入大量时间和资源，是国内少数有能力设计较高可靠性FPGA的研发单位之一。2024年FPGA毛利率为 75.50%，同比下降9.09个百分点，主要因高可靠应用场景价格下滑及进入低毛利非高可靠场景。公司将加大新制程开发力度。FPGA产品以28nm 亿门级为主，1xnm产品尚处试用阶段。智能电表产品线在国家电网单相智能电表市占率领先，未来将拓展白电、车规、工控市场，毛利率通过新 产品和供应链管理巩固。安全与识别产品线的新产品毛利率较好，需通过技术迭代保持。 2）神火股份 （景林资产参与公司特定对象调研） 调研纪要：神火股份在机构调研中表示，公司考虑氧化铝布局将从矿石端研判，通过合资持有部分氧化铝权益产能，降低成本波动风险。2025年 公司计划有序压降负债规模，降低资产负债率。云南电价采用市场化定价模式，电价与去年相比略有下降。公司将继续保持高分红政策，云南地 区电解铝成本因电价和氧化铝价格下降而显著降低。公司通过技术改进 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Views - In 2024, the company's revenue is projected to be 26.415 billion yuan, representing a year-on-year growth of 9.78%. The net profit attributable to shareholders is expected to reach 749.2 million yuan, a significant increase of 112.11% year-on-year [2][4]. - The company is expected to benefit from the continuous growth in domestic demand for innovative printing solutions and strong overseas demand driven by the Belt and Road Initiative. The sales of A3 printers are anticipated to grow rapidly [13]. - For the years 2025 to 2027, the company's revenue is forecasted to be 15.676 billion yuan, 19.394 billion yuan, and 23.753 billion yuan, with year-on-year changes of -40.65%, 23.72%, and 22.48% respectively. The net profit attributable to shareholders is expected to be 1.560 billion yuan, 2.212 billion yuan, and 2.990 billion yuan, with year-on-year growth rates of 108.28%, 41.73%, and 35.21% respectively [13]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 26.415 billion yuan, with a net profit of 749.2 million yuan and a non-recurring net profit of 353 million yuan, reflecting growth rates of 9.78%, 112.11%, and 105.60% respectively [2][4]. - The gross margin improved by 0.61 percentage points to 32.27% due to increased sales of consumables [4]. - In Q1 2025, the company reported a revenue of 5.927 billion yuan, a decline of 5.79% year-on-year, and a net profit of 84 million yuan, down 69.64% year-on-year [3][4]. Business Segments - The original printer segment saw a revenue of 4.658 billion yuan in 2024, with a year-on-year growth of 19.87%. The sales of A3 printers surged by 131.44% [9]. - The integrated circuit segment reported a revenue of 1.400 billion yuan in 2024, with a net profit of 363 million yuan, marking a year-on-year increase of 109.97% [11]. - The general consumables segment generated a revenue of 6.172 billion yuan in 2024, with a year-on-year growth of 10.45% [12]. Strategic Developments - The company announced a major asset sale of its 100% stake in Lexmark, with an estimated transaction price between 75 million to 150 million USD, aiming to optimize its financial structure and focus on its own brands [13].

Core Viewpoint - In 2024, the company's revenue reached 26.415 billion yuan, a year-on-year increase of 9.78%, while net profit attributable to shareholders was 749 million yuan, up 112.11% year-on-year, and net profit excluding non-recurring items was 353 million yuan, an increase of 105.60% year-on-year. [1][2][3] - For Q1 2025, the company reported revenue of 5.927 billion yuan, a decline of 5.79% year-on-year, and net profit attributable to shareholders of 84 million yuan, down 69.64% year-on-year. [2][3] - The company expects revenues for 2025-2027 to be 15.676 billion, 19.394 billion, and 23.753 billion yuan, with year-on-year changes of -40.65%, 23.72%, and 22.48%, respectively, and net profits of 1.560 billion, 2.212 billion, and 2.990 billion yuan, with year-on-year growth of 108.28%, 41.73%, and 35.21%, respectively. [1][9] Revenue and Profit Analysis - In 2024, the gross profit margin continued to improve, with net profit attributable to shareholders exceeding 1.5 billion yuan after excluding long-term asset impairment impacts. [3] - The gross profit margin increased by 0.61 percentage points to 32.27% in 2024, primarily due to the growth in consumables sales. [3] - For Q1 2025, the gross profit margin improved to 31.70% year-on-year, despite a revenue decline, indicating effective cost control measures. [3] Business Segment Performance - In 2024, the original printer business generated revenue of 4.658 billion yuan, a year-on-year increase of 19.87%, with net profit of 615 million yuan, up 10.87%. [5] - The integrated circuit segment reported revenue of 1.400 billion yuan in 2024, a slight decline of 1.52%, but net profit increased by 109.97% to 363 million yuan. [6] - The general consumables business achieved revenue of 6.172 billion yuan in 2024, a year-on-year increase of 10.45%, although net profit decreased by 44.17% due to industry competition. [8] Future Outlook - The company plans to divest its stake in Lexmark International, with an estimated transaction price between 75 million and 150 million USD, aiming to optimize its financial structure and focus on its own brands. [9] - The company anticipates continued growth in domestic and overseas demand for its products, particularly in the context of the Belt and Road Initiative and the increasing sales of A3 printers. [9]

通富微电（002156）公告，公司持股8.77%的股东国家集成电路产业投资基金股份有限公司(简称"产业 基金")计划以集中竞价或大宗交易方式减持持有的公司股份不超过3793.99万股(即不超过公司股份总数 的2.5%)。 ...

Group 1 - The core viewpoint of the articles highlights the significant development of innovative small and medium-sized enterprises (SMEs) in Sichuan Province, particularly in Chengdu, where 923 out of 1276 listed companies are located, indicating a strong focus on innovation and specialization in the region [1] - The list of innovative SMEs is valid until April 2028, and these companies are categorized into three levels: innovative SMEs, specialized and innovative SMEs, and specialized "little giant" enterprises, each with distinct characteristics and contributions to the economy [1] - Chengdu has successfully cultivated 354 national-level specialized "little giant" enterprises, ranking seventh among cities nationwide and fourth among sub-provincial cities, demonstrating the effectiveness of its specialized and innovative enterprise development strategy [2] Group 2 - The provincial government has established a gradient cultivation system for SMEs, with over 3100 provincial-level specialized and innovative SMEs accounting for more than 60% of the total in Sichuan, indicating a robust support framework for these enterprises [2] - The innovative SMEs are recognized for their high specialization, strong innovation capabilities, and growth potential, serving as the foundational strength of quality SMEs in the region [1] - Specialized and innovative SMEs are noted for their professional, refined, and distinctive development, contributing significantly to the quality and efficiency of the local economy [1]

来源：中国新闻网 中新网上海5月17日电 (记者 陈静)多位教育专家17日在上海聚焦"AI驱动变革 产教融合破界"话题。中国 科学院院士褚君浩指出："'AI+教育'生态下的人才培养需打破学科壁垒，构建动态知识体系，引发对教 育链、人才链与产业链协同的深度思考。" 上海商学院党委书记沈大明表示，产教融合是破解AI时代人才培养瓶颈的关键。据悉，产教融合的终 极目标，是让每个学习者都能在技术浪潮中找到锚点，让教育生态成为滋养创新的永动引擎。华东师范 大学原副校长、教授周傲英指出，教育主体需从"适应技术"转向"驾驭技术"，以批判性思维和人文关怀 构建AI时代的育人新范式。 "AI+教育共享空间站"分享会17日在2025第二十二届上海教育博览会上举办。(教博会组委会供图) 17日，"AI+教育共享空间站"分享会在2025第二十二届上海教育博览会(简称：教博会)上举办，多位专 家分享了各自的思考。当教育打破围墙、产业拥抱课堂，AI不再是冰冷的工具，而是连接"人的成 长"与"时代需求"的神经网络。 当AI与教育深度融合顶层设计日趋完善，需要将目光从宏观蓝图转向实践路径时，该如何让政策的势 能转化为教育变革的动能？在分享会上 ...

16日，中国证监会正式对外公布实施新修订的《上市公司重大资产重组管理办法》，将以多个"首次"和更大力度支持上市公司并购重组。 新修订的《上市公司重大资产重组管理办法》鼓励私募基金参与上市公司并购重组，并首次引入私募基金"反向挂钩"安排。 新规对私募基金投资期限与重组取得股份的锁定期实施"反向挂钩"，明确私募基金投资期限满48个月的，第三方交易中的锁定期限由12个月缩 短为6个月，重组上市中作为中小股东的锁定期限由24个月缩短为12个月。 这一制度安排有助于鼓励私募基金参与上市公司并购重组，有效缓解"退出难"问题，畅通基金募集、基金投融、投后管理、资本退出良性循 环。 董希淼：并购重组引导更多资源聚焦产业整合与转型升级，推动上市公司在新兴产业领域的布局，有利于上市公司实现高质量发展。 （总台央视记者 杨理天 蒋勇） 记者从中国证监会了解到，《关于深化上市公司并购重组市场改革的意见》，也就是"并购六条"发布近8个月以来，并购市场活跃度明显提 升，沪深两市已披露资产重组超1400单，其中重大资产重组超160单。 今年以来，上市公司已披露资产重组超600单，是去年同期的1.4倍。其中重大资产重组约90单，是去年同期的 ...

北京市中伦（上海）律师事务所 关于江苏帝奥微电子股份有限公司 法律意见书 致：江苏帝奥微电子股份有限公司（以下简称"公司"） 北京市中伦（上海）律师事务所（以下简称"本所"）接受公司的委托，指派 律师出席并见证公司2024年年度股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以 下简称"《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下 简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试 行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、 规范性文件及《江苏帝奥微电子股份有限公司章程》（以下简称"《公司章程》"） 的规定，就本次会议的召集、召开程序、召集人资格、出席会议人员资格、会议 表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 资格、会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案 法律意见书 内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见； ...